Need help! - Can't make decicsion

Hi there

I need some help in relation into buying a house, I have a couple of options, This house whould be for me to live in but also i don't want a property that will lose money. I am a single property buyer

Option 1.
Building a house
Positives - cheap site - build house to my own requirements

Negatives - too close to family home house, may not be able re sell as being to close the family home - furthest away from work

Option 2
House in small time in monaghan - 195k for end terrace 190k for mid terrace
Positives - good size 1040sqft - 3bedroom - small development of 16 house, view of the lake

Negatives - Row of 6 terraced houses, development is below the road, not much happening in this town, don't know if this is a positive or negative.

Option 3
Apartment in Monaghan Town - 179k - choice - 734sqft
Positives - potential for community spirit - develeopment of 200 houses, positive or negative? good size living, fireplace and o.c.h

Negatives
alot of people around, no window in main bathroom, small eating area, no garden,

Option 4
Do nothing until next year.

Help would be appreciated as this is recking my head. Thanks

how close to family home? spitting distance or some distance? I've seen it working in both cases. do you get on well with family? research if you could sell it...

remote house in small time monaghan as single buyer - would you know anyone there or be far from home, monaghan town etc? what about getting home after night out etc? views and garden sound nice.

apt in monaghan town - apt other than in a large city - don't see the point myself...any chance of 2 bed house closer to monaghan town or town close by?

option 4 - you are going to have to decide sometime

best of luck

It seems building your own home if you have a cheap site would be the most financially prudent decision. However, can you clarify what you mean by "may not be able re sell as being to close the family home" ?

The best option (I think) would be to buy some land and build on it - land is very reasonable in Monaghan and you could save more money by building directly, which is what I have done. You wouldn't necessarily have to build near family - there are plenty of cheap sites in monaghanproperty.com's website. The house my husband and I built (direct labour) is now worth three times the amount of what we borrowed to buy the land and build on it. I think apartments are a complete waste of money especially if it's only going to cost you another 15-20K to buy a three bedroom house - you will make a better profit on a house rather than an apartment resale wise. Best of luck with your decision.

Hi

Thanks for the replies, the distance of the site in particular, is about 6 minutes walk away, so it's not spitting distance... I guess there would be no reason why I couldn't sell the house if I needed to... In the small town there are a few country pubs, so I am not going to have a mad night out, but I usually go out in Dublin - the small town is 10 miles away. To be honest I don't know many arond Monaghan apart from my family as I work in Dundalk, but I have been out priced in Dundalk, especially in the nice areas of Dundalk (not that there is too many ) my max mortagae i can afford at the moment is 195,000... A 2 bedromm house in the same develpoment as the apartment is 207,000 but they are absolutely tiny... so i guess building is the thing then...

agree with Abbie - apartments are a waste of time. House sounds like a good option for increasing in value - but could you bear to live there? probably not? (could you rent it to some one else, make some money in 2/3 yrs and sell it?) The site - probably good - but would you be able to supervise the builders or build yourself like Abby? If not, it could be expensive and time consuming.

i would be able to supervise the builder being so close to home,I am still living at home at the moment, there is no really big need for me to move, so time isn't an issue, I just need my own space, and get on the so called property ladder that everyne is talking about. The site is a good thing financially, and in some cases personally too - I don't know Aghhhhhh!!!!

if i could throw in my tuppence worth..
buy a place and move in to see if you like living on your own in a small place,fi you then decide you don't at least you have the option of moving back near home,building and renting out the first place(that's if you want to be a landlord) you really can't loose here no matter what you do

yeah i could do that, the only thing that was worrying me there was that, I was afriad the house that i bought in the small town might go down in value in a couple of years do you think is that possible...

therave said:

if i could throw in my tuppence worth..
buy a place and move in to see if you like living on your own in a small place,fi you then decide you don't at least you have the option of moving back near home,building and renting out the first place(that's if you want to be a landlord) you really can't loose here no matter what you do

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I would'nt go to the bother (paperwork and hassle) of buying property in a certain location to see if i liked it - you could always rent for a while and go from there. You can't go wrong either buying or building. The only thing with myself and my husband is that when we got our planning permission, one of the conditions of planning was the property was not to be sold for ten years - we have no intention of selling anyway, but just keep this in mind as well. We built in Wicklow so the council didn't want people building just to make money.

Thanks for the reply abbie, it is a lot of hassle alright jusy to find out if you like the place or not, I will consider more into building I think - I have lloked through some house plans seen nothing i liked so I might get a rchitect to get what I want, I don't need anything too big... it's just for little old me... thanks again...